M&M Board seeks shareholders' approval to partially divest from SsangYong Motor Company

The Board of Mahindra & Mahindra at its meeting held on 07 August 2020 has approved seeking consent of the Shareholders by way of Special Resolution by a Postal Ballot, in accordance with Section 110 of the Companies Act, 2013 and Companies (Management and Administration) Rules, 2014 for reduction of the shareholding of the Company in SsangYong Motor Company, a material subsidiary of the Company (SYMC), to less than 50% and/or for cessation/ extinguishment / change / modification of control of the Company over SYMC, in full or in part, at one time or over time, through any means, for such consideration and on such terms and conditions as may be agreed by the Board, in the best interest of the Company. This is to inter alia induct Potential Investors into SYMC or to otherwise meet the funding requirements of SYMC through sources other than the Company

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